The AudienceRestrictionCondition was not valid because the specified Audience is not present in AudienceUris

ID1038: The AudienceRestrictionCondition was not valid because the specified Audience is not present in AudienceUris.

Audience: 'http://localhost:54012'

You will get this error when your <audienceUris> section in your Web.config is invalid. You need to add the value that is attached to your WIF configuration.

Here is the rest of the Stack Trace if it helps: